National Bank of Greece SA
ATHEX:ETE
National Bank of Greece SA
The National Bank of Greece SA stands as a testament to resilience and adaptability within the volatile landscape of international finance. Over its long history, NBG has navigated the ebbs and flows of Greece's tumultuous economic environment, cementing its role as a cornerstone of the nation's banking system. With its origins tracing back to 1841, the bank has developed a robust portfolio of financial services that cater to both personal and corporate clients. Primarily, the bank's operations focus on retail banking, which includes a variety of deposit services, consumer loans, mortgages, and credit card offerings that together form a sturdy revenue foundation. Alongside retail operations, NBG also embraces corporate banking, extending its reach with commercial loans, letters of credit, and other financial products tailored to support Greece's businesses and economic development strategies.
While domestic operations provide a core stream of income, NBG has selectively expanded its presence internationally, aiming to capture growth in key markets beyond Greece. On the capital front, its robust network allows the bank to profit from interest differentials between deposits and loans. Furthermore, it earns revenue through fees and commissions linked to its diverse banking and financial advisory services. Despite the challenges posed by economic fluctuations and regulatory demands, the National Bank of Greece continues to leverage its extensive experience and broad range of services to adapt, sustain, and grow its profitability in an ever-evolving financial world.
The National Bank of Greece SA stands as a testament to resilience and adaptability within the volatile landscape of international finance. Over its long history, NBG has navigated the ebbs and flows of Greece's tumultuous economic environment, cementing its role as a cornerstone of the nation's banking system. With its origins tracing back to 1841, the bank has developed a robust portfolio of financial services that cater to both personal and corporate clients. Primarily, the bank's operations focus on retail banking, which includes a variety of deposit services, consumer loans, mortgages, and credit card offerings that together form a sturdy revenue foundation. Alongside retail operations, NBG also embraces corporate banking, extending its reach with commercial loans, letters of credit, and other financial products tailored to support Greece's businesses and economic development strategies.
While domestic operations provide a core stream of income, NBG has selectively expanded its presence internationally, aiming to capture growth in key markets beyond Greece. On the capital front, its robust network allows the bank to profit from interest differentials between deposits and loans. Furthermore, it earns revenue through fees and commissions linked to its diverse banking and financial advisory services. Despite the challenges posed by economic fluctuations and regulatory demands, the National Bank of Greece continues to leverage its extensive experience and broad range of services to adapt, sustain, and grow its profitability in an ever-evolving financial world.
Profitability: National Bank of Greece reported profit after tax of nearly EUR 1 billion for the first nine months of 2025, with return on tangible equity at 16.1%, both in line with or above full year guidance.
Loan Growth: Performing loans expanded by 12% year-on-year, with strong disbursement momentum, and the bank expects to exceed its recently raised net loan expansion target, moving toward EUR 3 billion for the year.
Net Interest Income: Net interest income was stable quarter-on-quarter in Q3, with management indicating Q3 as the likely trough and expecting gradual recovery from Q4, barring further rate cuts.
Fee Income: Fee income rose 8% year-on-year (or 14% excluding state measures), supported by strong investment product sales and mutual fund inflows, with market share in mutual funds up 3 percentage points.
Costs: Operating expenses grew 6.5% year-on-year, attributed to investments in human capital, technology, and inflationary effects, but the cost-to-income ratio remained low at just over 33%, in line with guidance.
Credit Quality: Asset quality remains strong, with cost of risk at 41 basis points for the nine months, below full year guidance, and the NPE ratio at 2.5%.
Capital & Dividends: CET1 ratio reached 19%, up 70 basis points year-to-date, and the bank announced an interim dividend of EUR 200 million, the highest domestically, with final payout details to come at year-end.
